Saturday, December 21, 2013

General Motors Deal Taketh From The Taxpayers

The Treasury Department has sold the last of its stock in General Motors Co. Even though taxpayers lost $15 billion on the auto bailout (including losses at Chrysler Group LLC and Ally Financial Inc.,
which offers financing for GM vehicles), the Barack Obama
administration put out a statement taking credit for its handling of tax
dollars and the Detroit automakers’ success.

Yet the administration shouldn’t be so quick to toot its own horn. The government didn’t need
to lose any money on the auto bailout. Had the United Auto Workers not
gotten special treatment, taxpayers would have come out ahead.

About Me

I was born in Tombstone, Arizona, but moved to California in 1959 when labor strikes at the copper mines devastated the Arizona economy. I've been moving north ever since. Pullman is as far north as I care to live and I'm looking toward reversing the drift.